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Howard Leaman                                                     Oct 16/19

     Canola traded on both sides of unchanged again on Wednesday, ending
mixed with the nearby contracts lower, but new crop positions - starting
with the November 2020 contract - lower. The weakness was attributed to
reports of good harvest progress in western Canada despite less than
favourable weather, and spillover selling from palm oil, European rapeseed,
soybeans and soy meal. The Canadian dollar was up slightly against the U.S.
dollar which added somewhat to the selling in canola.
     The selling in canola was curbed by a firmer tone in soy oil. The
gains in soy oil were small on Wednesday, but it was clearly the strong
link in the soy complex. That bodes well for canola due to canola's high
oil content. 

                                   Resistance     Support
              Jan Canola           473.40         466.60
              Mch Canola           482.20         475.20

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